Version status: In force | Document consolidation status: Updated to reflect all known changes
Published date: 14 February 2019
Money Laundering and Transfer of Funds (Information) (Amendment) (EU Exit) Regulations 2019 [SI 2019 No. 253]
Directive EU 2015/849 (MLD4) sets out the European legal framework on the prevention of the use of the financial system for the purposes of money laundering or terrorist financing. The Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017 (SI 2017 No. 692) (the MLRs), and the Oversight of Professional Body Anti-Money Laundering and Counter Terrorist Financing Supervision Regulations 2017 (SI 2017 No. 1301) (the Oversight Regulations) both transposed in part MLD4 and also make provision about beneficial ownership information and deal with enforcement in the UK of Regulation EU No 2015/847/EU (the Funds Transfer Regulation). The relevant provisions of the MLRs, the Funds Transfer Regulation and the Oversight Regulations will be amended in order to remove any requirements to transmit information to EU institutions, or to have regard to guidelines published by the ESAs. The amendments will also mean that following exit the regulatory treatment of EEA member States is consistent with the current treatment of non-EEA countries. The FCA will also be empowered to make technical standards of the type referred to in Article 45(6) of Directive (EU) 2015/849, a function currently exercised by the EU Commission.